Karachi, July 2, 2024 – Sui Southern Gas Company Limited (SSGC), a major gas utility company in Pakistan, is facing a bureaucratic nightmare due to an anomaly in a recent tax regulation. This anomaly has thrown SSGC’s sales tax return for April 2024 into disarray, creating a ripple effect that is disrupting the entire supply chain.
(more…)Category: Taxation
Stay updated on taxation news, tax laws, FBR policies, compliance, audits, income tax, sales tax, and fiscal developments in Pakistan.
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Sindh Notifies New Stamp Duty Rates for Immovable Properties
Karachi, July 2, 2024 – The Sindh government has introduced revised stamp duty rates for the acknowledgment or receipt of money or any other consideration related to immovable properties, effective from July 1, 2024, as per the Sindh Finance Act, 2024.
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Finance Act, 2024: Investigative Tax Audit Proposal Dropped
Karachi, July 2, 2024 – The Finance Act, 2024 has brought notable changes to the proposed tax audit procedures, particularly in the realm of investigative audits for sales tax fraud. Originally slated under the Finance Bill 2024, the contentious proposal to empower Inland Revenue officers to conduct investigative audits in cases suspected of tax fraud has been officially scrapped.
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Finance Act, 2024: Sales Tax Exemption on Gold Import
Karachi, July 2, 2024 – The Pakistani government has introduced a significant change in its tax regime through the Finance Act, 2024, by exempting sales tax on the import of gold under the entrustment scheme. This move aims to facilitate the import of gold, which is expected to have positive implications for the jewelry industry and the overall economy.
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PRA Collects Record Rs 239 Billion in Tax Revenue
Lahore, July 1, 2024 – The Punjab Revenue Authority (PRA) has achieved a significant milestone by collecting over Rs 239 billion in tax revenue during the Financial Year (FY) 2023-24.
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Finance Act, 2024: Reduced ST Rates for Hybrid Electric Vehicles
Karachi, July 1, 2024 – In a reversal from its initial proposal, the Pakistani government has announced an extension of reduced sales tax rates for locally manufactured hybrid electric vehicles. This move aims to incentivize the production and adoption of environmentally friendly automobiles.
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Finance Act, 2024: FED Doubles on Cement
Karachi, July 1, 2024 – In a significant move impacting the construction and real estate sectors, the federal government has doubled the federal excise duty (FED) on the sale of cement through the Finance Act, 2024.
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Finance Act, 2024: Federal Excise Duty on Cigarettes
Karachi, July 1, 2024 – In a significant move aimed at regulating the tobacco industry, the Finance Bill, 2024 has proposed an increase in the retail price for different tiers of cigarettes manufactured in Pakistan.
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Aurangzeb Commends FBR for Surpassing FY24 Tax Target
Islamabad, July 1, 2024 – Finance Minister Muhammad Aurangzeb praised the Federal Board of Revenue (FBR) on Monday for exceeding the tax collection target for the fiscal year 2023-24.
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Active Taxpayers List Swells to 4.84 Million: FBR
Islamabad, July 1, 2024 – The Federal Board of Revenue (FBR) announced on Monday a significant increase in the number of active taxpayers, which has risen to 4.84 million based on returns filed for the tax year 2023 by June 30, 2024.
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